Because the company name is a DBA so you won’t be able verify information with the California Secretary of State, but it does have its own separate EIN.
Just wondering if anyone else has successfully leased a car under your DBA business, and if it was difficult or not?
I haven’t, but I’m also in CA and an officer of a C-Corp. My cpa recommended I lease in my name, and make payments from corporate account. I’m not a tax pro, so don’t follow without verifying if that makes sense for you too.
Just an update here for future lookers…
I leased a Benz last month, and worked with a finance manager who knew his stuff. He said you really just have to know how to enter the information on the system so MBFS won’t just reject the application. Some brokers might simply not have the same system, or enough knowledge because they haven’t done enough DBA leases.
Update: I received the notice from CreditKarma that a new auto loan has been added just days after I thought it wouldn’t report under the personal tax ID! Just like the other LHers said it would!
Thanks for the update - I also did a lease under an LLC, but the bank required an officer to be a cosigner …
Did your business have a proven track record and D&B credit history?
No D&B credit history since it’s a sole prop (I believe).
However, a co-signer was required on mine as well which was myself. So I had to sign 2 docs. One under the business tax ID, and one under personal. But then again, it’s reporting business because it’s not showing up on my credit report this month…
If you had to co-sign I would think it will eventually show on your credit. My experience has been the business reports show up faster then the personal ones. Our new business card showed same month and a personal lease with bmw took 3 months.
I was gonna say the same thing … wait till next month
Some manufacturers allow you to be gurantor of the lease provided you are part of the company. This absolves you of anything on your credit but allows the leasing company to go after you if you miss/fail to pay. This is the best way to avoid anything on your credit if your company has no credit history (d&b).
Different banks have different policies on this. It seems that most captive lenders report on the guarantor’s credit report. I have used BOA and Truist in the past, and when set up properly by the finance manager, they did not report on my credit. I have also heard that Ally has a great program for business only loans. The dealer just needs to know the program. I have a contact at a Ford store in GA that does a ton of these.
I’ve been wondering the same for CCAP. I’ve purchased through my business before and some show up and others don’t on my personal credit. Would prefer it doesn’t.